As part of the economic response to the COVID-19 pandemic, the Government has allowed temporary early access to superannuation. Individuals who have been significantly financially affected by the Coronavirus and satisfy the eligibility requirements will be allowed to access up to $10,000 of their superannuation in 2019-2020 and a further $10,000 in 2020-2021.
For bankrupts receiving any such superannuation payments on or after the date of bankruptcy, these payments are protected pursuant to section 116(2)(d)(iv) of the Bankruptcy Act 1966 (the Act).
This includes superannuation from:
- a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 (the SIS Act)); or
- an approved deposit fund (within the meaning of the SIS Act); or
- an exempt public sector superannuation scheme (within the meaning of the SIS Act).
Protection of these superannuation payments extends to any property which was wholly or substantially purchased or acquired through such payments (ss 116(3) and 116(2)(n) of the Act).